Is AI Right for Your Organization? 3 Questions to Consider

Discussions about implementing Artificial Intelligence seem to be everywhere these days, and the Collections Industry is no exception. Some debt collectors have been early AI adopters, yet others have chosen to sit on the sidelines and see how the landscape develops. Here are three questions to consider when evaluating whether AI is right for your organization.  

Communication methods are changing. Though letters and phone calls may have worked in the past, as the population changes, our methods of communication should change too. Traditional methods of communication, such as letters and outbound dialing, do not seem to work with younger generations the way they have with previous generations.  Delinquencies have been consistently increasing among most types of debt; notably, credit card delinquencies have been rising among younger borrowers.  

Has your organization evaluated whether AI solutions augmented by text, email, and chat will help you reach these younger consumers?